What happens before, during and after a Mortgage Appointment?
17 August 2022
What happens before, during and after a Mortgage Appointment?
If you are ready to take your next steps by booking a mortgage appointment with us, this is what you can expect.
- 1) Prepare for your appointment by collecting the following:
- Documents and paperwork that prove your income, such as your pay slip or recent bank statements
- Details of any financial commitments such as loans, debts or credit cards
- Proof of your identity such as your passport, driving licence or utility bills
- If applicable, details of the property you want to buy
- Details of any existing insurance policies you have for your home, life or critical illness policies
- 2) During your mortgage appointment, your advisor will:
- Review your income and financial commitments
- Enquire about your needs and circumstances
- Carry out a background check with a Credit Reference Agency
- Give you an overview of the total cost and terms of suitable mortgages
- Talk you through a range of valuation schemes and explain your options
- Help you to find the most suitable loan, insurance and protection for your requirements
The appointment typically lasts around two hours.
Once we’ve checked all of your details and everyone is happy that everything is in order, we can process your mortgage application on your behalf.
- 3) Arranging solicitors and / or licensed conveyancers
When it comes to the legal aspect of moving, this can be handled by either a solicitor or licensed conveyancer. They will be responsible for checking who owns the property you want to buy, what is included in the sale and whether there are any clauses or conditions in the property deeds that you or your lender should be aware of.
Who is involved in this process?
- You and the seller
- The seller’s estate agent
- Conveyancers acting on behalf of each party
- Your mortgage lender
You will need to:
- Ask either the solicitor or licensed conveyancer for an estimate of costs, including legal fees and tax
- Ask for explanations for any parts of your mortgage offer that you do not understand
- Ask them to calculate and confirm if any Stamp Duty Land Tax charges are payable
- Tell them of any furnishings that are to be included in the sale, for example kitchen appliances or the carpets
- Make sure to carefully read any documents that you get sent
Whilst there are no legal fees if the purchase falls through, if the conveyancer has made any third party payments on your behalf, such as searches fees, then you will need to cover these costs.
- 4) Exchanging Contracts
It usually takes between 2 to 3 months between appointing your conveyancer and exchanging contracts.
Before the exchange of contracts, you will need to:
- Transfer your deposit to your conveyancer’s account
- Sign the contract sent to you by your conveyancer to buy the property
- Inform your conveyancer of the completion date you would like to aim for
Once you have read all of the documents and paperwork, your conveyancer will ask whether you are happy to proceed with the purchase, before asking you to sign the contract. Once all of the contracts have been signed they will be exchanged, often over the telephone, to form a legally binding agreement for the sale and purchase.
- 5) Moving in to your new home
After exchanging contracts, you will be invited by your conveyancer to sign the mortgage deed, the official document needed to transfer your new home into your name. Your conveyancer will apply to the mortgage provider for the funds to complete the purchase.
On the exchange day, your conveyancer will transfer all of the money across to the seller’s conveyancer to pay the purchase price. Once this arrives, the legal process is complete and you will be able to pick up the keys to your new home!
Start your Mortgage process with us
As we are not tied to any specific lender, we can make sure that we help you to select the right mortgage for you and your property. Call us for an initial, free of charge consultation. There is no obligation to use our services and you can meet in one of our offices in Horsham and Southwater, or arrange a phone based appointment.